Leaddesk delivered Q2 EBITDA above our estimate with in-line sales. The ARR missed our estimate marginally, but we note that this may owe to the impact of the acquired Telemagic (not disclosed). The strong profitability is thanks to gross margin, which we think likely stems from successful integration of Länsilinkki. Guidance repeated and at first glance we think the margin guidance has upside risk. Neutral to positive reaction justified based on first read.
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